MS HB765

Authorizes the State Bond Commission to issue up to $80,000 in general obligation bonds to assist the New Site Water Association with repairing a water tank adjacent to Piney Grove Campground in Prentiss County, Mississippi.

Creates a special fund called the "2018 New Site Water Association Water Tank Repair Fund" within the State Treasury to receive and disburse bond proceeds for the water tank repair project.

Bonds may be issued with maturities up to 25 years and interest rates not exceeding limits set in Mississippi Code Section 75-17-101, with no bonds to be issued after July 1, 2022.

Pledges the full faith and credit of the State of Mississippi to pay principal and interest on the bonds, with any deficit to be paid by the State Treasurer from general state funds.

Any remaining funds after project completion shall be applied to pay debt service on the bonds, and bond income is exempt from state taxation.